Comerica (NYSE:CMA) Rating Increased to Equal Weight at Wells Fargo & Company

Comerica (NYSE:CMA) was upgraded by Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a note issued to investors on Friday, MarketBeat.com reports. The firm presently has a $73.00 price objective on the financial services provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 4.15% from the stock’s current price.

Several other equities analysts also recently commented on the stock. Evercore ISI upped their price objective on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Morgan Stanley raised their price target on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. boosted their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $55.00 to $52.00 in a report on Monday, October 7th. Finally, Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Comerica presently has an average rating of “Hold” and a consensus price target of $63.86.

Comerica Stock Performance

NYSE:CMA opened at $70.09 on Friday. The business’s fifty day moving average is $61.61 and its 200 day moving average is $55.51. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $9.22 billion, a price-to-earnings ratio of 17.52 and a beta of 1.22. Comerica has a 52-week low of $42.55 and a 52-week high of $71.63.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the prior year, the firm earned $1.84 EPS. Research analysts predict that Comerica will post 5.39 EPS for the current year.

Comerica declared that its board has approved a stock buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,001 shares of company stock valued at $1,123,650 in the last ninety days. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds have recently added to or reduced their stakes in CMA. Pitcairn Co. lifted its position in shares of Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after buying an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares during the last quarter. Summit Securities Group LLC boosted its holdings in Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the last quarter. Finally, Centennial Wealth Advisory LLC boosted its stake in shares of Comerica by 5.2% in the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after buying an additional 252 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.